Let's hope no one here will have to go through that "selling process", do not leverage and do not get too greedy.

Will look into the Wise USD account, i did heard that Wise can hold multiple currency and transfer to another bank, or use their Card to make payment

  I just need a platform for me to wire transfer money to IBKR monthly/quarterly, withdraw can directly IBKR --- > CIMB SG.

Novo Nordisk, the world's largest insulin manufacturer and diabetes care service provider reporting results today. It's the largest company in the Nordic region.

Company accouncement: https://www.novonordisk.com/news-and-media/....html?id=112995

Presentation slides: https://www.novonordisk.com/content/dam/nnc...resentation.pdf

Its shares can be purchased from NYSE (ticker symbol NVO) (Level 3 ADR) in USD or if you like, Nasdaq Copenhagen Stock Exchange in Denmark (you need to buy shares in Danish Krone however).

Some info of its shares in Google Finance: https://www.google.com/finance/quote/NVO:NYSE

PNB has stakes in it and it accounts for 0.26% of ASM3's fund NAV as of 30th of Sept. 2021.

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Colgate-Palmollive (NYSE: CL) reporting results today too: https://investor.colgatepalmolive.com/event...d-presentations

Sorry, my apologies. Though you can buy NOVO-B on Nasdaq Copenhagen, you can't do so via IB. IB just don't provide service for Denmark onshore securities.

Level 3 ADR should be fine. It's officially listed on an exchange, so there should be liquidity over a pure OTC level 1 unlisted ADR.

If in doubt, have a look at the premium-discount chart provided by Deutsche Bank here: https://www.adr.db.com/drwebrebrand/dr-univ...m-discount-data

NVO on NYSE should trade closely with its NOVO-B parent share back in Copanhagen. The chart should provide you some comfort.

Last thing to note is: Novo-Nordisk, like Roche, has a dual-class share structure where the founder owns 70-80% of voting rights while the rest of us can only have the remaining 20-30% voting powers despite we (not the founding family) provide 70-80% of the share capital, and the founding family only provide 20-30% of the capital. So there is corporate governance risk to bear.

You can read it here: https://www.novonordisk.com/investors/share...-structure.html

No. It's actually 0%.  (The tax-friendly treatment probably explains PNB's large position in this counter. Your friend in SG not so lucky, they still need to pay 10% WHT to Danish tax authorities.)

https://taxsummaries.pwc.com/denmark/corpor...thholding-taxes

This is the official Double taxation agreemen between Malaysian and Denmark, confirming that no WHT is withheld: https://phl.hasil.gov.my/pdf/pdfam/DenmarkDTA_06032018.pdf

In other words, you can claim back all the dividends withheld from Danish authorities.

The Danish authorities are so nice that if the processing time takes longer than 6 months, they will pay you interest on top of the dividends withheld. 

https://skat.dk/skat.aspx?oid=2244931

Can share which Danish stocks you like? Lego is a private company, as much as I like to play Lego bricks. Maersk's Level 1 OTC ADR AMKBY is unsponsored, so can't do anything either. Same for Carlsberg's CABGY OTC L1 ADR too. 

As for WHT, try writing to IBKR and inquire them about that. Consider contacting Danish tax authorities too.  I wrote to IB to ask for my ADR refund for my Novartis ADR's dividend WHT refund but IB has not replied after 2-3 months, to date. Come to the worst, I will just email my tax specialist in Bern again and ask.

Have a look at the 20-F filing from Novo Nordisk with the SEC. https://www.novonordisk.com/content/dam/nnc...m-20-f-2021.pdf Use your browser's search function to search for "dividend withholding" and have a read from page 22 onwards (Item 10: Additional Information, Section E. Taxation.)

For those ADRs, being Level 1 isn't the main issue for tax. The unlisted nature only concerns with liquidity and governance. The main issue is the unsponsored nature. If the ADR is not sponsored, the company has no vested interest to handle all these tax-related issues since it is the banks who offer them without the supervision from the parent company (you will find no mention of LVMUY on LVMH's official website, no mention of AMKBY on A/P Moller Maersk's official website etc.). And you bear significant counterparty risk with the bank holding these securities on your behalf without the company's knowledge/official involvement. For tax-related issues, you can only deal with the bank by inquiring them, and not the company. You may contact the tax authorities though. There is no guarantee that the refund will be the same as a Level 2/3 ADR since tax refunds depend on the tax domicile of the company. It could be that you need to contact the ADR bank to handle it for you, or you go straight to the authorities and seek refund from them.     

Yes, if you want to avoid hassles just stick to counters whose tax-domiciled country has no WHT in first place, rather than having to go through the torture to reclaim it back later.

But honestly, I enjoy the process of dealing with these issues though. Learning to communicate with foreign tax authorities and understand foreign tax laws are not something everyone enjoy, but the payoff can be huge if you reinvest the proceeds from the refunds. This is because DTA agreements don't change very often. So one-time knowledge can be applied for decades to come. The opportunity cost is considerably higher if companies have increasing dividend payouts over the years.

Danish tax authorities have responded.

This should be case for both:

(i) dividends from Copenhagen exchange listed shares
(ii) dividends from the Danish ADRs (e.g. NYSE: NVO) 
Original reply message:

Did you try accessing the digital portal? I can't access the link: https://skat.dk/data.aspx?oid=2246531&lang=us

I don't think you need a tax voucher. Just submit the IBKR statements/reports which display the WHT segment and they will pay accordingly.

Another point to note is the WHT refund, if granted, will be paid in Danish Krone (DKK), so you will need a bank account which can receive or convert DKK to say SGD in order to receive the payments.

As for trading permissions, I have enabled all, just like you, but still can't access. I have open a ticket with IB's customer service. Will update here when they reply me.

lol I don't think the Danish tax authorities will pay the refund to your IBKR account. (It does not even have an account number, IBKR doesn't provide banking services.)

How come you can access the digital portal? Which browser did you use? I used Chrome on both W10 and W11, either one gives me something like this:

cannot...no physical account

Alert to all Swiss stock investors, including those who hold Swiss ADRs on NYSE. Takudan Toku

My Swiss tax specialist just shared with me this useful service for your future dividend WHT refunds:

https://www.ictax.admin.ch/extern/en.html#/search

This is an official portal for you to verify whether you can claim for tax refunds from Swiss tax authorities. I am pleased that Swiss ADRs like Novartis' level II ADR (ISIN No. US66987V1098) are listed too.

So, if IBKR does not refund you the 35% WHT (for ADR case, i.e., IB does not inform the ADR custodian bank about your tax residency), you can claim the refund via Form 60 together with all your SIX-listed securities, say ROG.SW or NESN.SW.

Hope that helps.

No, just claim from Swiss Tax Adminsitration every 3 years. IB does not handle that (the WHT reclaim).

Yes, prepare Form 60 and get it stamped with LHDN every year. After 3 years, send it to Swiss with all the relevant IBKR statements.

My tax specialist says it is ok to combine all 3 years on one Form 60, but I think it's best you split it into 3 forms, since you never know if your tax residency will change in any certain year in the future.



LHDN's job is just to validate your tax residency. Follow the instructions of Form 60 and you should be fine. The stamp especially is important (it shows your tax residency for the particular financial year), the rest are just fine details.

That's what I'm doing, go EUR and back to USD when rates improve, just my believe that USD at this rate is unsustainable.

Just gauging other investors investment strategy, didn't expect to be lectured, everybody's got their own strategies
😄

Heard on the Street

Luxury Brands Are Counting on Americans to Keep Spending

With parts of China in lockdown, brands need demand in the U.S. to stay high

https://www.wsj.com/articles/luxury-brands-...share_permalink

---------------------------

India Can’t Hang Up on Chinese Smartphones

When it comes to smartphones, India and China have to keep the line open

https://www.wsj.com/articles/india-cant-han...share_permalink

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As what Ram says, valuations looks fine though. Just that people purchased more keyboards and mouse during those WFH days. https://www.macrotrends.net/stocks/charts/L...ech-sa/pe-ratio

hedfi that's what I have been telling you guys since last time. Use sg banks. Avoid wise or else you will get that love letter from IBKR.
Matter of time. Say 6-7 months later.

Any SNB shareholders here? 

https://www.snb.ch/en/mmr/reference/pre_202...20221031.en.pdf

https://www.reuters.com/business/finance/sw...022-2022-10-31/

No dividends for the cantons next year...

Ohh,.... all US stocks, then if it's me,... I would transfer all my stocks in to DBS Vickers, But that's me, because I have most of my hldgs in DBS. But be careful of the charges,...